Welcome to this week’s Market Blast Technicals where we will look at USDJPY, NZDJPY, AUDUSD, the S&P 500, and the DAX.
The DAX has returned to resistance at around just above 11200 with the next key level above at 12300, but first we need to fill this gap from early March.
A bounce below could reach support at 10200.
Looking at the Daily chart we also see Fibonacci resistance at 61.8%.
And, as we showed last week, the S&P 500 is the closest of all the indices to the 200 Day Moving Average which, when reached, will be a sign of confidence to the markets.
We see AUD strength on all pairs with AUDUSD at a key level of resistance at $0.656, where price has tried to break above 3 times, with the next levels above at $0.665 and $0.677.
Contrary to most currency pairs, NZDJPY has been ranging for the last two months, and our Stochastic Oscillator is showing overbought this morning.
We see general JPY weakness against most other pairs though, but watch these key levels on USDJPY and EURJPY and this upper trend line on GBPJPY.
That’s all for now. Happy trading with Valutrades and we will see you next week.
CFDs and FX are leveraged products and your capital may be at risk.
Disclaimer:
The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.
Comments